Planet Labs PBC (NYSE:PL) Shares Down 7.4% – Here’s What Happened

Planet Labs PBC (NYSE:PL) shares were down 7.4% on Wednesday . The company traded as low as $5.76 and last traded at $5.73. Approximately 3,724,491 shares were traded during mid-day trading, a decline of 42% from the average daily volume of 6,468,566 shares. The stock had previously closed at $6.19.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Benchmark increased their target price on shares of Planet Labs PBC from $4.00 to $7.00 and gave the stock a “buy” rating in a research note on Wednesday, February 5th. Citigroup upped their price target on Planet Labs PBC from $4.05 to $5.00 and gave the stock a “buy” rating in a report on Monday, December 16th. JMP Securities raised their price objective on Planet Labs PBC from $4.50 to $6.50 and gave the company a “market outperform” rating in a report on Thursday, January 30th. Needham & Company LLC upped their target price on Planet Labs PBC from $5.00 to $8.00 and gave the stock a “buy” rating in a research note on Thursday, January 30th. Finally, Northland Securities increased their target price on Planet Labs PBC from $5.00 to $7.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Ten analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $6.27.

Planet Labs PBC Price Performance

The stock has a market capitalization of $1.47 billion, a price-to-earnings ratio of -12.11 and a beta of 1.40. The stock has a 50 day moving average price of $4.85 and a 200-day moving average price of $3.41.

Institutional Investors Weigh In On Planet Labs PBC

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP grew its holdings in Planet Labs PBC by 101.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,013,845 shares of the company’s stock valued at $8,140,000 after buying an additional 1,013,234 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Planet Labs PBC by 227.0% during the 4th quarter. JPMorgan Chase & Co. now owns 1,269,095 shares of the company’s stock valued at $5,127,000 after acquiring an additional 880,966 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Planet Labs PBC by 16.5% in the third quarter. Geode Capital Management LLC now owns 4,870,492 shares of the company’s stock valued at $10,864,000 after purchasing an additional 689,888 shares during the period. Baird Financial Group Inc. acquired a new stake in Planet Labs PBC during the fourth quarter worth about $2,568,000. Finally, Jacobs Levy Equity Management Inc. raised its stake in Planet Labs PBC by 119.8% during the third quarter. Jacobs Levy Equity Management Inc. now owns 895,109 shares of the company’s stock worth $1,996,000 after purchasing an additional 487,958 shares during the period. Institutional investors and hedge funds own 41.71% of the company’s stock.

Planet Labs PBC Company Profile

Planet Labs PBC engages in the design, construction, and launch constellations of satellites with the intent of providing high cadence geospatial data delivered to customers through an online platform worldwide. The company’s platform offers planet monitoring, basemap, tasking, apps, and application programming interfaces, as well as analytics and planetary variables.